From a technical standpoint, the next objective is $700.
Stocks have been losing steam as a result of higher rates and higher energy prices. We could see a continued correction in prices from now until the next earnings season.
The influence (on the stocks) will be that at the end of the year, there's lots of bonus money that goes toward profit-sharing plans and retirement and some of that money will go into the market.
I think it's a little frightening the reaction people are having. It reminds you a little of 2000 when we had (earnings) surprises on the downside. It's a nervous market.
Unless there's a 2 percentage-point difference, I don't think it's going to affect anything.
The market has withstood an immense amount of bad news this year. The market has shown strength by holding up.
